Building Details

Year Built 1880

Year Renovated 2019

Stories 2

Units 4

Listing Agency: Keller Williams Elite

Listed By: Christen Tribbitt · License #PA353502 Show Phone

Source: Crexi

Added: Jul 15 Changed: Oct 1 Last Checked: Oct 16 at 8:51AM

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Investment Insights

Based on property information with market context.

This 4,267-square-foot quadplex contains four residential units and was built in 1880. Several units received renovations in 2019, and the property is fully occupied with established tenants. A separate garage lease adds another established revenue component to the asset.

The property encompasses 502 2nd Street and 65 Boyer Street on a single parcel in Steelton, Pennsylvania. R-2 zoning supports the residential configuration, while the combination of multiple units and a separately leased garage provides distinct income sources within one property.

Key Highlights

• Four residential units in a 4,267‑square‑foot quadplex
• Fully occupied with established tenants
• Several units renovated in 2019

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,087

Cap Rate

7.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$761,740 $761.7K

Cap Rate 7%

$544,100 $544.1K

Cap Rate 9%

$423,189 $423.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,267 SF

Gross rent

$58.9K $13.80/SF

− Vacancy

−$4.5K −$1.05/SF

EGI

$54.4K $12.75/SF

− OpEx

−$16.3K −$3.83/SF

NOI

$38.1K $8.93/SF

Area

Dauphin County, PA

Vacancy

7.60%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$761,740

Cap Rate 7%

$544,100

Cap Rate 9%

$423,189

Alternative Uses

Best Use

Multifamily LT 5

$544.1K

$476.1K – $634.8K (±1% cap)

NOI $38,087 @ 7.0% cap · market cap 7.77%

Second Best

Apartment 5plus

$484.9K

$424.3K – $565.7K (±1% cap)

NOI $33,941 @ 7.0% cap · market cap 6.93%

Theoretical Best

Specialty Retail

$7.86M

$6.88M – $9.17M (±1% cap)

NOI $550,123 @ 7.0% cap · market cap 112.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Plumbing Service Bakery Furniture & Home Goods Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

273

Businesses Nearby

Explore this area Business Placement

Demographics for 17113, PA

11,649

Population

4,955

Households

2.4

Avg Household Size

37

Median Age

15%

College-Educated

88%

High-School Grad

4.2 sq mi

ZIP Area

2,774

Density / Sq Mi

$60,554

Median Household Income

$32,681

Median Earnings

$1,091

Median Rent

$141,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

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335 PINE ST, Steelton, PA 17113

$235,000

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Renovated Two-Unit Duplex

220 ELM Street, Steelton, PA 17113

$235,000

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Two-Unit Duplex with Rear Deck

32 S HARRISBURG Street, Steelton, PA 17113

$190,000

2,334 SF

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Two-Unit Duplex

196 S 2ND STREET S, Steelton, PA 17113

$199,000

2,080 SF

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Frequently Asked Questions

What type of property is this?

Quadplex - Fully occupied residential property with renovated units, a separately leased garage, and R-2 zoning.

Where is this quadplex located?

The property is located at 502 2nd St Steelton, PA.

What is the asking price?

The asking price for this property is $489,900.

What are key features of this property?

This property features: Four residential units in a 4,267‑square‑foot quadplex; Fully occupied with established tenants; Several units renovated in 2019